Editorial: Best practices in communicating biotechnology
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T PUBLICATIONS 1478-565X. J O U R N A L O F C O M M E R C I A L B I O T E C H N O L O G Y . VOL 9. NO 3. 187–188. MARCH 2003
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Editorial
that it had failed to meet the primary end-point in two Phase II trials.2 It did, however, achieve significant results on a prospectively defined secondary end-point. The company openly reported what it had done and investors rewarded it with a 57 per cent increase in stock price on the week.3 Had the company obfuscated the results, investors would have been focused on the failure and not the success, and the markets would have punished the company as they did so many other times last year. Elan, another recent casualty in the biotechnology sector, faced the issue of appearing to play games with its investors with its potential profits from its deals. It took only one article in the Wall Street Journal to change the image of Elan.4 Elan took the charge seriously. It named Garo Armen, a man with a good reputation on Wall Street, as its interim CEO, and began a concerted effort to repair its reputation. The company had recognised what Jack Welch knew: right or wrong, perception matters. For most companies in the biotechnology sector, their corporate image is their brand. Their name is their intangible asset, which must stand for the honest image of a company reporting accurate scientific results, financials and a pragmatic vision of the future. Never lose sight of the fact that your company is creating better drugs, and cures for dreaded diseases and the improvement to society. The corporate image of a company impacts its ability to finance, to gain partners, to receive positive notices in the press and to recruit staff. In short, it affects everything a company does. Companies need to take seriously their corporate brand and develop programmes that enhance it. For example, if quality science is the cornerstone of a company, publishing and presentations should be a focus of the company’s communication programme. If the focus of the company is on a particular individual – the founder or the CEO – then programmes need to be put in place to enhance that person’s reputation. One must understand what the essence of the company is and nurture it. One must also understand the true mission of the company and the message it wants to get to its various audiences. Teasing this out is often a time-consuming and intensive process. It may even cause internal discord. This process of spirited debate is well worth it, however, when, at the end of the process, the company can confidently project a unified image. One could only imagine the severity of the implications of senior executives presenting different pictures of their company in this business climate. The incongruity this would raise, both internally and externally, would be irreparable. When communications are conducted in an open, honest and consistent way, the integrity of the organisation shines. When this happens, an organisation can escape the wrath of the press. It can also escape the harsh reaction of investors, and it can build
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